The photonics market is projected to grow from USD 530.52 Billion in 2017 to USD 795.54 Billion by 2022, at a CAGR of 8.4% from 2017 to 2022.

On the basis of end-use industry, the media, broadcasting & telecommunication segment accounted for the largest share of the photonics market in 2016, and this trend is expected to continue during the forecast period. Photonics is used in this segment for communication, data storage, and data sharing purposes. The use of photonics products has significantly increased the speed of internet and the quality of voice calling.

Asia Pacific accounted for the largest share of the photonics market in 2016, and the market in this region is also projected to grow at the highest CAGR during the forecast period. China is expected to account for the largest share of the Asia Pacific photonics market by 2022, with India registering the fastest growth rate during the forecast period. Japan is home to prominent photonics companies, such as Nikon Corporation, Shin-Etsu Chemical Company Limited, and Hoya Corporation. The US accounts for the highest demand of photonics in North America. All these factors have contributed to the high demand for photonics products around the globe.